PITANI_ASSOCIATES_LIMITED - Accounts


Company Registration No. 09847394 (England and Wales)
PITANI ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
PAGES FOR FILING WITH REGISTRAR
PITANI ASSOCIATES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2017
31 October 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
300,000
300,000
Current assets
Debtors
4
11,319
11,677
Cash at bank and in hand
7,360
1,685
18,679
13,362
Creditors: amounts falling due within one year
5
(253,462)
(268,943)
Net current liabilities
(234,783)
(255,581)
Total assets less current liabilities
65,217
44,419
Creditors: amounts falling due after more than one year
6
(3,000)
-
Net assets
62,217
44,419
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
62,215
44,417
Total equity
62,217
44,419

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

PITANI ASSOCIATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2017
31 October 2017
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 30 July 2018
K R Pitani
Director
Company Registration No. 09847394
PITANI ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
- 3 -
1
Accounting policies
Company information

Pitani Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 October 2017 are the first financial statements of Pitani Associates Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 29 October 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Going concern

The director is not aware of any fundamental uncertainties affecting the company and has therefore prepared the financial statements on a going concern basis.

1.3
Reporting period

These financial statements cover the year to 31 October 2017; the comparative figures represent the period from incorporation on 29 October 2015 to 31 October 2016.

1.4
Turnover

Turnover represents amounts receivable for services provided.

1.5
Intangible fixed assets - goodwill

Intangible assets other than goodwill are stated at historic cost and are not depreciated as the director considers that their residual value will not be less than cost as there is an active market for such assets.

 

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

PITANI ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).

PITANI ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 5 -
3
Intangible fixed assets
Other Intangible Assets
£
Cost
At 1 November 2016 and 31 October 2017
300,000
Amortisation and impairment
At 1 November 2016 and 31 October 2017
-
Carrying amount
At 31 October 2017
300,000
At 31 October 2016
300,000
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
11,319
11,677
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
1,000
-
Corporation tax
40,106
20,641
Other creditors
212,356
248,302
253,462
268,943

Other creditors include £209,846 (2016 : £224,524) owed to the director.

6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
3,000
-
PITANI ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 6 -
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1A ordinary share of £1 each
1
1
1B ordinary share of £1 each
1
1
2
2
8
Directors' transactions

During the previous period the company acquired from the director a contract to supply Units of Dental Activity for its market value of £300,000.

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